Geode Capital Management reported 4,336,269 shares of Lucid at the end of the second quarter, up 1,748,160 shares, or 67.5%, from March 31, according to the manager’s Form 13F filed with the Securities and Exchange Commission (SEC).
The position was worth $29.0 million at June 30, up 17.6% over the quarter.
Lucid‘s share price fell 29.8% over the same three months.
Geode’s Lucid line gained value in a quarter when the stock lost close to a third of its price, as the manager bought enough shares to more than cover the decline.
What The Filing Shows
Geode holds Lucid common stock and no puts, no calls, and none of the company’s convertible notes.
Dividing the reported value by the reported share count gives the mark Geode carried on each date: $9.53 a share at March 31 and $6.69 at June 30.
The June figure is the closing price of Lucid stock that day, which confirms the position is marked at the quarter-end close rather than at an average.
Geode’s whole book was worth $1.875 trillion across 4,447 positions at June 30, against $1.608 trillion across 4,513 positions at March 31.
Why The Position Grew
Lucid issued a large quantity of new stock during the quarter.
The Saudi-backed EV maker had 330,144,583 common shares outstanding at March 31 and 394,070,176 at June 30, an increase of 19.4%, according to the company’s quarterly reports.
The first-quarter report put the count at 390,256,808 as of April 29, which places roughly 60.1 million of those new shares inside the four weeks after the quarter ended.
Those shares came from the $1.05 billion package Lucid announced on April 14, built from a $300 million underwritten offering priced at $8.112 a share, a $200 million placement to Uber and $550 million of Series C preferred stock taken by Ayar Third Investment Company, an affiliate of Saudi’s Public Investment Fund.
To hold the same proportion of Lucid after that issuance, Geode would have needed 3,089,242 shares rather than the 2,588,109 it started with.
So 501,133 of the 1,748,160 shares Geode added were required only to keep pace with Lucid‘s own share count.
The remaining 1,247,027 shares lifted Geode’s stake, from 0.78% of Lucid at March 31 to 1.10% at June 30.
Neither figure alone produces the 67.5%; the two compound, with a 19.4% rise in shares outstanding multiplied by a 40.4% rise in Geode’s ownership share.
Ayar took its April money in preferred stock rather than common, so Lucid‘s controlling holding did not grow while the public share count did, as the filings that followed the raise set out.
Index funds weight positions on the freely traded portion of a company rather than on total shares, and that portion grew faster than the company did.
BlackRock And State Street
Geode was not alone, and the pattern is the reason the filing matters beyond one manager.
BlackRock reported 12,174,275 Lucid shares at June 30, an increase of 5,909,029 shares, or 94.3%, while State Street reported 5,254,118 shares, up 2,593,806, or 97.5%, according to institutional holdings data compiled by Nasdaq from 13F filings.
Three of the largest passive managers in the United States each raised a holding in a company whose shares fell 29.8% over the same three months.
Uber‘s own position, held through its SMB Holding Corporation subsidiary, rose 24,038,462 shares to 37,753,583, matching the roughly 24 million shares at an implied $8.32 that EV reported in June.
The Nasdaq table recalculates every holder’s position value at a single recent price rather than reporting the value each manager filed, which is why its figure for Geode differs from the $29.0 million in the filing itself.
Geode’s Other Carmaker Positions
Geode reported 68,914,720 Tesla shares at June 30, an increase of 911,610 shares, or 1.3%, with the value of the position up 14.6% to $28.86 billion.
The Ford line barely moved, falling by 19,172 shares to 121,010,192, a change of less than one tenth of one percent, while the value rose 20.6% to $1.69 billion on price alone.
General Motors fell 214,603 shares, or 1.0%, to 21,810,186, with the value up 2.6% to $1.69 billion.
Rivian rose 753,671 shares, or 4.9%, to 16,067,368, and the value rose 21.0% to $278.0 million.
Among the Chinese manufacturers, Geode reported 181,773 Li Auto American depositary shares, an increase of 889 shares, or 0.5%, while the value of that holding fell 33.8% to $2.13 million — the mirror image of the Lucid line, with the share count static and the entire move coming from price.
Geode also reported 102,564 Polestar American depositary shares, up 47.5%, and 2,080,517 VinFast shares, up 2.4%.
Nio and XPeng do not appear in Geode’s filing in either quarter.
Alibaba, Toyota, Honda, Sony, Stellantis and Ferrari are also absent from the same filing, while a dozen other Chinese depositary receipts including PDD, JD.com, Baidu, NetEase, Trip.com and Bilibili are present.
Geode’s reported universe is centred on United States index mandates, and FMR LLC, the Fidelity parent whose funds Geode sub-advises, files its own separate 13F.
Which entity reports which mandate is not established from Geode’s filing alone.
Geode’s Fidelity Mandate
Geode was set up by Fidelity Investments in 2001 to run the firm’s equity index funds and was spun out as an independent company in 2003, keeping the sub-advisory relationship.
The Boston-based manager remains the sub-adviser to a wide range of Fidelity index mutual funds and exchange-traded funds, and named Ronald DePoalo chief executive with effect from January 20, 2026, according to a Fidelity registration statement.
Almost all of the assets in the filing sit in index vehicles, where quarter-to-quarter changes track benchmark weightings, fund flows and the issuer’s own share issuance rather than an investment view.
Lucid reported a second-quarter net loss of $1.03 billion on August 4, 91.8% wider than a year earlier, alongside an operational reset targeting $1.4 billion of cash-flow improvements and a delay to its midsize programme.
